---

South Korea aims for 4% economic growth

South Korea's government aims to maintain at least 4 percent economic growth this year and expects the economy will rebound from the third quarter, Finance Minister Kim Jin Pyo said.

"We need to use policy with the aim of keeping economic growth," Kim told CBS radio in Seoul. "Still, it's too much to expect the economy will rebound with only the extra spending. Much depends on when the U.S. economy rebounds."

South Korea last week announced plans to spend an extra 4.2 trillion won ($3.5 billion) this year to help stem an economic slowdown. The government predicted the extra spending will boost economic growth by 0.5 percentage point.

Philippines expects to beat deficit forecast

The Philippines probably beat its deficit forecast for the second straight month in May because revenue exceeded estimates and spending was within its budget, Finance Secretary Jose Isidro Camacho said.

Last month's preliminary deficit amounted to 6.5 billion pesos ($122 million), smaller than the government's 12 billion peso forecast, the Philippine Star reported, citing unidentified people. In April, the deficit was 6.6 billion pesos, lower than the 12 billion peso official estimate.

The government aims to narrow the deficit to 202 billion pesos this year from a record 211 billion pesos in 2002 to avoid increasing borrowings that may cause interest rates to rise, discouraging spending and investment.

Mexican bank sees reduced growth

Mexico's economy probably will grow slower this year than the central bank's already reduced forecast because U.S. demand isn't picking up fast enough to bolster exports, one of Mexico's four deputy central bank governors said.

"My perception is that the risks are to the downside," Jesus Marcos Yacaman said. "The numbers coming out of the U.S. economy in general terms are mixed but in general point to a weakening that I think will affect us."

Mexico's central bank Governor Guillermo Ortiz in April cut this year's growth forecast to 2.4 percent from 3 percent, which would mark the fastest expansion since 2000 though less than the average 4 percent annual growth Mexico has experienced the past seven years.

Australian economy accelerates in quarter

Australia's economy accelerated in the first quarter as consumers spent more on autos, clothes and alcohol.

Gross domestic product in Asia's fifth-biggest economy rose 0.7 percent from the previous three months, the Australian Bureau of Statistics said in Sydney. The economy expanded a revised 0.3 percent in the fourth quarter.

First-quarter GDP, the total value of all goods and services produced in Australia, was forecast to have risen 0.8 percent, according the median expectation in a Bloomberg News survey of 22 economists.

---

[ HAWAII INC. ]

Promotions

>> Marshall Hickox has been named vice president of Homeworks Construction Inc. He has been with the Honolulu-based design/build firm since 1999. Hickox is the company's principal kitchen and bath designer and oversees the construction of both new custom homes and remodeling projects.

>> The Park Shore Waikiki has promoted Stephanie Nojima to hotel manager. She was previously director of sales.

>> The Gas Co. has promoted Keith Yoshida to business development, sales and marketing director, and Kenneth T. Yamamoto to human resources and safety director. The company has also promoted Lee J. Strunk to Oahu sales supervisor and Bob Korodan to environmental health and safety manager. Yoshida will identify and evaluate growth opportunities, implement technologies, direct sales and marketing, and smooth the transition of the firm to its new owners, K-1 USA Ventures of Singapore. Yamamoto's responsibilities include personnel and employment matters. Strunk will supervise sales account executives and their sales engineer. Korodan has over six years of experience in managing safety and health activities with BHP/Tesoro.

>> Michael Cheng has been promoted to Hawaii Medical Service Association external operations division senior vice president and Michael Stollar has been promoted to HMSA's communications department vice president. Cheng is responsible for marketing, provider services and product development. He will oversee the association's insurance subsidiaries, including WorkComp Hawaii Insurance Co. and Benefit Services of Hawaii Insurance Agency. Stollar maintains his responsibilities as president of the two subsidiaries Integrated Services Inc. and Hawaii Healthcare Business Incubator. He also leads HMSA's office of enterprise development.

>> Princeville Corp. has promoted Shaylyn Kimura to golf sales manager at Princeville Golf Club. She will be responsible for sales, marketing and promotion of the Prince and Makai golf courses and club facilities. Kimura has been with Princeville Corp. for three years, most recently as assistant merchandise buyer for its pro shops.

On the board

>> Helber, Hastert and Fee Principal and Certified Planner Mark Hastert has been elected president of the Queen Emma Foundation. He fills the vacancy created by the death of Barry Okuda in February.

>> Consuelo Rogers has been named district director for the National Science Teachers Association. She has been a science teacher at Maryknoll High School for 23 years. During her three-year term, Rogers will be responsible for fostering membership activities and serving as a liaison between District XVI (California, Hawaii, Nevada, American Samoa, Guam, Territory of the Pacific Islands) and NSTA on issues of importance to science and science education.

>> The Construction Financial Management Association has named Garrett J. Sullivan of Kaikor Construction Associates its 2003 president. Other new officers are: First Vice President Joyce Furukawa, Royal Contracting; Secretary Lori Isara, Koga Engineering; and Treasurer Reid Gushiken, KPMG LLP. The board of directors includes Ross Baniaga, Thalia Choy, Bob Creps, Brian Hedge, Danford Oshima, Carleton Williams and Frank Wirt.

>> Hawaii Advertising Federation has elected Susli Hearst president for 2003-04. Hearst is regional sales manager for KHON-TV. Other officers are: Page Gaylord, vice president; Janet Scheffer, secretary; and Sheri St. Germain, treasurer. Directors are: Jerry Blue, Stuart Chang, Matt Heim, Paul Lam, Marianne Martin, Louise Saffery, Brad Shin and Teri Yamashige. The Hawaii Advertising Federation is an organization of advertising professionals.

Recognition

>> The American Institute of Certified Planners has inducted Henry Eng into its College of Fellows. Eng is community development manager for the Estate of James Campbell. Fellows are admitted based on individual achievement in the field of urban and rural planning. Fewer than than 260 AICP certified planners have been admitted. AICP is the professional institute of the American Planning Association.

>> Julie Ann Aragaki of Moments ... Memories recently won the Fujifilm Masterpiece Award for photographic excellence. She received the award from PP of Hawaii for the photograph of "Kim & Kyle" in the wedding album category. The award is administered by state and regional affiliates of the Professional Photographers of America.

>> Bob Tong was presented with the 2003 Catholic Charities Hawaii Ulu Award for outstanding accomplishments as an individual volunteer. He has assisted the charity with major building renovations, property acquisitions and facilitating collaborations for 11 years. He also helped merge Catholic Charities Community Services and Catholic Charities Immigrant Services to eliminate services duplication and increase productivity. The charity was established in Hawaii in 1947. The local branch provided services for more than 24,000 people regardless of religious, social or economic backgrounds last year.

>> Dr. Curtis B. Kamida has been inducted as an American College of Radiology Fellow. He is affiliated with the University of Hawaii and Straub Clinic and Hospital. Only 10 percent of College of Radiology members are selected for the fellowship. Nominees are considered based on their service to organized medicine, their accomplishments in scientific or clinical research in radiology, radiation oncology or medical physics, their performance as a teacher and their reputation among colleagues and the local community.

>> The Building Industry Association Sales & Marketing Council of Hawaii has named Diana Park Outstanding Sales Person. She also was given the BIA Sales Achievement Award. Park is a Realtor for Pacific Island Realty, the exclusive broker for all Stanford Carr developments.